NEW YORK (October 15, 2018) – TRU Simulation + Training, a Textron Inc. (NYSE: TXT) company, and FlightSafety International have entered into a letter of intent to form a joint venture to provide the industry-leading training solution for Textron Aviation‘s broad product line of business and general aviation aircraft. TRU and FlightSafety will combine their assets and capabilities, including their simulators, courseware, and world-class teams, to support their global customers’ training needs.
“The combination of our training capabilities will enable us to provide best-in-class pilot and maintenance training programs to our customers around the world,” said David Davenport, Co-CEO and President, Commercial, FlightSafety International. “For more than 40 years FlightSafety has served Textron Aviation customers, and this venture will allow us to offer more flexible training options leveraging the capabilities of both organizations. We also want to recognize Bruce Whitman’s significant contributions. He was instrumental in the initial planning and actively participated in the development of this important agreement. As always, Bruce’s focus was to ensure that the joint venture would benefit our customers and enhance the training they receive.”
“The new joint venture will enhance our ability to service our growing customer base,” said Gunnar Kleveland, president of TRU Simulation + Training Inc. “With Textron Aviation continuing to expand its product portfolio with aircraft such as the Latitude, Longitude, Hemisphere, Denali and SkyCourier, it is critical we provide the full scope of training services our customers require. This joint venture will allow us to better address that demand.”
TRU will serve as the exclusive supplier of new Textron Aviation simulators to the joint venture. TRU will also continue its other operations, including the design and manufacture of training simulators and provide training solutions for the global aviation industry and military customers.
The transaction is expected to close in the next several months, subject to finalizing definitive documentation and regulatory approval.
ABOUT FLIGHTSAFETY INTERNATIONAL
FlightSafety International is the world’s premier professional aviation training company and supplier of flight simulators, visual systems and displays to commercial, government and military organizations. Over 2,000 highly qualified instructors provide more than 1.4 million hours of training each year to pilots, technicians and other aviation professionals from 167 countries and independent territories. FlightSafety operates the world’s largest fleet of advanced full-flight simulators at Learning Centers and training locations in the United States, Australia, Brazil, Canada, China, France, Hong Kong, India, Japan, the Netherlands, Norway, South Africa and the United Kingdom.
ABOUT TRU SIMULATION + TRAINING
TRU Simulation + Training Inc., a Textron Inc. (NYSE: TXT) company, delivers innovative, total aviation training solutions to the commercial and military markets while providing superior technical support and customer service. Headquartered in Goose Creek, S.C., the company is known for its high-fidelity training devices, pilot and maintenance training, military mission training, and aviation training services and support. More information is available at www.TRUSimulation.com.
ABOUT TEXTRON AVIATION INC.
Textron Aviation Inc. is the leading general aviation authority and home to the Beechcraft, Cessna and Hawker brands, which account for more than half of all general aviation aircraft flying. The Textron Aviation brands represent unrivaled innovation, performance and leadership in the industry, and offer an unmatched value proposition rooted in the total ownership experience. Leveraging unparalleled speed-to-market, Textron Aviation provides the most versatile and comprehensive business and general aviation product portfolio in the world through five principal lines of business: business jets, general aviation and special mission turboprop aircraft, high performance piston aircraft, military trainer and defense aircraft and a complete global customer service organization. Textron Aviation has delivered more than 250,000 aircraft in over 143 countries. Its broad range of products include such best-selling aircraft as Citation business jets, King Air and Caravan turboprops and T-6 military trainer aircraft, all of which are backed by the industry’s most capable global service network. For more information, visit www.txtav.com.
ABOUT TEXTRON INC.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Off Road, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information, visit: www.textron.com
Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the risk that the parties will not reach agreement on the specific terms of the new joint venture or that the timing of establishing the new joint venture is delayed; and the risk that the joint venture will not perform as planned, including, for example, the risk that the venture will not achieve revenue and profit projections.
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